The Central Government has increased the interest rates of some small savings schemes like Sukanya Samriddhi Yojana, 3 year time deposit.
The central government has given a big gift to the people. Before the New Year, on Friday, the government has increased the interest rates of some small savings schemes like Sukanya Samriddhi Yojana (SSY), 3-year Time Deposit for the January-March 2024 quarter. In a notification, the Union Finance Ministry said that the interest on Sukanya Samriddhi Yojana (SSY) and three-year time deposit scheme has been increased marginally. Whereas the interest rates of many small savings schemes have been kept unchanged.
The central government has now increased the interest rate of Sukanya Samriddhi Yojana to 8.2 percent, while the three-year time deposit has been increased to 7.1 percent. Earlier the interest of Sukanya Samriddhi Yojana was 8 percent and the interest of three year TD was 7.1 percent. There has been no change in the interest of Public Provident Fund (PPF) for the last three years.
PPF interest was reduced
The last change in PPF interest was in April-June 2020, when it was reduced from 7.9 percent to 7.1 percent. Last time, the Central Government had not made any changes in the five-year RD scheme. Let us tell you that before today’s announcement, the interest rates of the Central Government’s Small Savings Scheme were between 4 percent to 8.2 percent.
Interest for January-March 2024
- 4% interest on post office savings account
- One year time deposit interest rate 6.9 percent
- 2 year time deposit interest rate 7.0 percent
- 3 year time deposit interest rate 7.1 percent
- Interest on 5 year time deposit is 7.5 percent
- Interest on 5 year RD scheme is 6.7 percent
- National Savings Certificate (NSC) interest 7.7 percent
- Kisan Vikas Patra interest 7.5 percent
- Public Provident Fund (PPF) interest 7.1 percent
- Sukanya Samriddhi Account (SSY) interest is 8.2 percent
- Senior Citizen Savings Scheme (SCSSY) interest is 8.2 percent
- Monthly Income Account interest 7.4 percent
Which plans were not changed?
Under small savings schemes, only the interest on Sukanya Samdhi Yojana (SSY) and time deposits maturing in 3 years has been increased for the quarter January-March 2024. All other small savings schemes have been kept unchanged. Please note that the interest on post office time deposit scheme is higher than the interest on bank FD.
